Braun Consulting Inc., a provider of customer-relationship services, suffered an 47% decrease in revenue during the fourth quarter of 2002 and a 40% drop for the whole year.
The Chicago-based firm reported fourth-quarter revenue of $8 million before expense reimbursements, compared with $15.3 million for the same period last year.
In addition, the firm suffered a $3.1 million net loss, not counting special charges of $4.8 million related to workforce reductions and consolidation of office space.
Braun posted total revenue of $$45.9 million before project expense reimbursements, compared with $76.7 million for 2001.
CEO Steve Braun said that the company had expanded its base business during the quarter, "replacing approximately $1 million in revenue from the loss of our largest client, Pharmacia."
However, Braun added that "clearly, demand has not returned to the desired levels." He continued that the firm was "focused on carefully managing costs during this period of market softness."
